If your supply chain digitalization has been on autopilot this year, it’s time to reignite your strategy—especially if you’re experiencing low shipment volumes.
Supply chain digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. Because technology evolves so rapidly, it cannot be a “set it and forget it” initiative. For optimal results, digitalization should be a continuous improvement process that adapts to market conditions.
Here are five ways to reinvigorate your digital supply chain strategy and ensure it continually delivers the highest value for your organization.
Get Everyone Aligned on the Vision
Successful transformation begins with a unified understanding. According to the Association for Supply Chain Management (ASCM), leadership must cultivate a shared vision of digital supply chains.
“Everyone in the organization needs to understand how digital supply chains differ from traditional ones,” ASCM advises in their research report, “How to Build a Digital Supply Chain: Focus On Capabilities.” A shared vision ensures that everyone moves in the same direction throughout the digitalization journey, which is crucial when shipment volumes are unpredictable.
Assess Your Current Situation Honestly
Evaluate your existing tools and systems. What capabilities, tools and software will you need to achieve your new digital transformation goals?
If your legacy systems can’t support your new digital goals, identify digital or cloud-based solutions that can. For instance, a transportation management system (TMS) can offer comprehensive end-to-end visibility, improving collaboration and streamlining functions like demand planning and inventory management, which is vital when shipment volumes fluctuate.
Avoid Chasing the Latest Trends
ASCM advises that the leadership team develop a maturity model identifying the critical stages of digitalization for their organization: “Companies cannot jump from stage to stage, but need to build their digitalization skills as they move through the stages in various functional and regional divisions of the overall supply chain.”
Firms need to build on each stage of the maturity model, which conveys a natural progression companies need to follow. Incrementally building digitalization skills ensures your strategy evolves in line with your needs rather than being swayed by the latest tech fads.
Pursue Digital Initiatives That Drive Quick Business Growth
Any digital investment that helps the organization return to revenue growth will be approved quickly and efficiently. Gartner suggests revisiting your supply chain model to support new digital business models like e-commerce or subscription services. For example, artificial intelligence (AI) and advanced analytics are among the technologies that may significantly impact business growth.
Implement the Right Technology Tools
Leverage solutions that enhance supply chain transparency. A well-implemented TMS can deliver high levels of supply chain transparency, aggregate and enhance data, and generate actionable insights. With real-time access to tracking information and performance metrics, your company can adapt to any market condition and maintain operational efficiency.
Take Advantage of Downtime to Achieve Your Digitalization Goals
Digital transformation is crucial for navigating changing market conditions. It provides end-to-end visibility, enabling better decision-making and enhanced service. As Chief Executive reports, digital supply chains offer insights that benefit not only your business but also your customers and suppliers.
IntelliTrans’ solutions help companies unleash the power of supply chain transparency to improve customer service, reduce operational costs, and automate business processes. The IntelliTrans TMS empowers organizations to be agile and efficient by providing global supply chain transparency. Real-time alerts and interactive data visualizations empower organizations to ask deeper questions and achieve more impactful results, thereby supporting their ongoing digitalization strategies and goals.
Ready to take your supply chain digitalization to the next level? Discover how our TMS can provide the insights and tools you need to stay ahead of market fluctuations and optimize your operations. Learn more about our TMS solutions here.